London Credit, a bridging lender, has announced a significant improvement in its loan completion times.
As of the first quarter of 2024, the average time from application to drawdown has been reduced to just one month, a substantial decrease from the three months reported in the previous year.
This enhancement in service speed is the result of a two-year effort to upgrade operational efficiency, including investing in additional staff and restructuring teams to better serve brokers and their clients.
Constantinos Savvides, head of underwriting at London Credit, expressed satisfaction with these improvements, stating: “We’re delighted to announce that we have improved the speed of our completion process by a factor of three at a time when demand for our products is also increasing.”
Savvides detailed the optimised processes contributing to the faster completion times: “This year, when terms are agreed it takes one week for the application to come in. We usually instruct the valuation on the same day, subject to acceptance of fees.
“As soon as a compliant valuation is received, we instruct the same day, and our solicitors make contact with the borrower’s solicitors on the same day, requesting the legal cost of undertaking.”
He further added: “Ultimately, the time period between the initial enquiry stage and the drawdown of the loan is now one month, but we expect this to improve further in future.”
